What is the first thing you should do financially when someone dies?

The first financial step is to secure the home and locate important documents (will, insurance policies, financial accounts). Then obtain 10–15 certified copies of the death certificate — you'll need them for every institution. Do not pay any debts from your personal funds.

How long does it take to settle an estate?

Simple estates with a will typically take 6–12 months. Estates that go through probate without a will take 12–18 months. Complex estates with disputes, business interests, or tax issues can take 2+ years. Most financial accounts with named beneficiaries transfer within 2–4 weeks.

Do I need a lawyer to settle an estate?

Not always. Small estates with clear beneficiaries and no real estate may not need an attorney. However, estates going through probate, those with significant assets (over the estate tax threshold), or involving disputes should use a probate attorney. Many offer free initial consultations.

Financial Checklist When Someone Dies (2026)

Dealing with finances after a loved one’s death is overwhelming. This step-by-step checklist organizes everything by priority and timeline so nothing falls through the cracks.

Quick answer: Get 10–15 certified death certificates first. File life insurance claims immediately. Don’t pay the deceased’s debts from personal funds. Notify Social Security, banks, and employers within the first week. Most estates take 6–12 months to fully settle.

Immediate (First 1–3 Days)

Task	Details
Secure the home	Lock up, collect mail, adjust thermostat
Locate important documents	Will, trust, insurance policies, financial account info
Contact funeral home	Arrange services, obtain death certificates
Order 10–15 certified death certificates	From county vital records or funeral home ($5–$25 each)
Notify immediate family	Coordinate with family on decisions
Contact employer (if employed)	Ask about final paycheck, benefits, life insurance

First Week

Task	Details
Notify Social Security	Call 1-800-772-1213; surviving spouse may get $255 lump sum
Freeze credit with all 3 bureaus	Prevent identity theft — very common after death
File life insurance claims	Contact each insurer with death certificate
Notify banks and investment firms	Secure accounts, prevent unauthorized access
Contact financial advisor/attorney	If estate has significant assets or complexity
Check for pension/annuity death benefits	Contact former employers
Notify VA (if veteran)	May qualify for burial benefits ($2,000+)

First Month

Task	Details	Documents Needed
File for probate (if needed)	Submit will to probate court	Will, death certificate
Obtain Letters Testamentary	Authority to act on behalf of estate	Court filing
Notify all financial institutions	Banks, brokerages, retirement accounts	Death certificate, Letters
Claim retirement accounts	IRAs, 401(k)s with named beneficiaries	Death certificate, beneficiary forms
Transfer joint accounts	Add surviving owner documentation	Death certificate
Contact mortgage company	Discuss options (continue paying, sell, insurance)	Death certificate
Notify insurance companies	Auto, home, health, disability	Death certificate
Cancel unnecessary services	Credit cards, subscriptions, memberships	Account info
Forward/redirect mail	USPS mail forwarding to executor	ID, death certificate
Notify CPA/tax preparer	Final tax return will be needed	Financial records

1–6 Months

Task	Details
Pay ongoing bills from estate funds	Mortgage, utilities, insurance (from estate account)
Inventory all assets and debts	List everything the deceased owned and owed
Appraise real estate and valuables	Needed for estate tax and distribution
Pay debts from estate (in order of priority)	Funeral costs → secured debts → taxes → unsecured debts
File final income tax return	Due April 15 of the year after death
File estate tax return (if needed)	Required if estate exceeds $13.99M (2026)
Distribute assets per will or state law	After debts are paid and creditor period expires
Close estate accounts	Once all distributions are complete

Key Financial Accounts to Notify

Institution	What Happens
Social Security	Stop benefits; claim survivor benefits
Banks (checking/savings)	Freeze account until executor appointed
Investment/brokerage	Transfer to beneficiaries or estate
Retirement accounts (IRA, 401k)	Transfer per beneficiary designation
Life insurance	Pay death benefit to beneficiary
Mortgage company	Heirs can assume or sell property
Credit card companies	Close accounts; debt paid from estate
Auto loan	Continue paying or surrender vehicle
Student loans (federal)	Discharged (forgiven)
Student loans (private)	Varies — check terms for death discharge
Employer	Final paycheck, unused PTO, benefits
Health insurance	COBRA for dependents (up to 36 months)
Utility companies	Transfer name or close account

What NOT to Do

Don’t Do This	Why
Don’t pay deceased’s debts from your money	You’re generally not responsible (exceptions here)
Don’t distribute assets before debts are paid	Executor can be personally liable
Don’t throw away financial documents	Keep for 7+ years for tax purposes
Don’t ignore bills on the home	Property taxes, insurance, mortgage — protect the asset
Don’t sign anything from debt collectors	They may try to trick you into accepting liability
Don’t delay on life insurance claims	Some policies have time limits
Don’t skip the credit freeze	Identity theft of deceased individuals is extremely common

Costs of Settling an Estate

Expense	Typical Cost
Death certificates (10–15)	$50–$375
Funeral/burial	$7,000–$12,000
Probate court fees	$200–$1,000
Attorney fees (if needed)	$2,000–$10,000+
Executor fees (if non-family)	2–5% of estate value
Appraisals	$300–$500 per property
Tax preparation (final return)	$300–$1,000

Bottom Line

The most important things: secure documents, get death certificates, file insurance claims, and freeze credit. Everything else can wait a few weeks. Don’t pay any debts from your personal funds — debts are the estate’s responsibility. If the estate is complex, hire a probate attorney. If it’s simple with named beneficiaries on all accounts, you may be able to handle it yourself.

For related guides, see what happens to debt when you die, estate planning basics, and inheritance guide.

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